Getting a mortgage for $440,000 on an NYC condo. Will this push me into a higher rate bracket?
- Asked By: MoneyTactics
- Category: Jumbo Mortgage
Hi,
My wife and I are looking to move ahead with buying a condo in Harlem. The price is $525,000 and we will need to get a mortgage for $440,000. I know in the past this would have put us in the jumbo mortgage range ($417,000+), but is this still the case? Can we expect to get a decent rate?
We are putting down 15%.
Any feedback much appreciated.
Thanks.
Incoming search terms:
Hi,
My wife and I are looking to move ahead with buying a condo in Harlem. The price is $525,000 and we will need to get a mortgage for $440,000. I know in the past this would have put us in the jumbo mortgage range ($417,000+), but is this still the case? Can we expect to get a decent rate?
We are putting down 15%.
Any feedback much appreciated.
Thanks.
Incoming search terms:
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Frank112
Posted 3 months ago
No its not jumbo because NYC is considered a “high-cost area”.
For NYC and other areas around it, the jumbo mortage is actually $625k.
Important!! Your bank might try to screw you over and call it jumbo.
My wife and I recently purchased a house in LI with a $500k mortgage and Bank of America told us that our quote would be high because it was a Jumbo loan. I told them that Fannie Mae and Freddie Mac released “non-conforming loan” documentation that was effective as of June 1st for all lending institutions which indicated that the loan had to exceed $625k in order to be non-confirming (aka jumbo).
They didn’t understand what I was talking about and had to get several managers to review my allegation. 2 hours later, the VP of Sales or w/e got on the phone and told me I was right and reduced the quote amount.
I got a loan through a different lender because frankly, if you are the largest lendnig institution in the country and you don’t know something as simple as this then your company is filled with incompetent idiots and I rather not deal with you.
Summary – Dont take out a loan from BOFA and make sure that the lending company doesn’t try to BS you and tell you that they “never heard” of an increase to the non-conventional loan amount for high-cost areas.